Abstract
This chapter considers the economic dimension of the enlargement process. The Copenhagen criteria require that before a country becomes a member of the European Union (EU) it must have a 'functioning market economy'. However, the European Commission's 2013 'enlargement package' assessed that none of the current Western Balkan countries have a functioning market economy, presenting a stumbling block to their accession. It analyzes the different dimensions of the concept of a 'functioning market economy' as in the development of capitalism in the Western Balkans, including macroeconomic stabilization, microeconomic liberalization, financial sector development, institutions and the role of the state, international trade liberalization and competitiveness issues. The accession process has not in itself been fundamentally market-oriented, as it focuses on transposing the EU acquis onto the countries of the region, and governing the pace at which the countries make progress towards eventual membership.
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